Linklaters advises True Corporation on its JPY 141.3bn sustainability-linked syndicated loan

Linklaters advised True Corporation Public Company Limited (True Corporation), as the borrower, on its sustainability-linked loan totalling JPY 141.3bn (approximately US$900m), making it the first telecom-tech company in Thailand to secure a sustainability-linked syndicated loan.

The transaction also marks True Corporation’s inaugural entry into the Japanese yen financing market and is both the largest Japanese yen and the largest sustainability-linked loan by a Thai corporation. 

The loan aligns to two key sustainability-linked performance indicators, including the reduction of greenhouse gas scope 1 and 2 emissions, and increasing solar cell capacity at cell sites. This highlights True Corporation’s dedication to achieving carbon neutrality (scope 1 & 2) by 2030 and net-zero emissions by 2050, in line with the Science-Based Target Initiative (SBTi) guidelines.

The Linklaters team was led by partners Wanwisar Nakarat and Dior Lin, with support from managing associates Sara Astrologo and Soammaras Ratanavanich.

Linklaters’ Bangkok Managing Partner Wanwisar Nakarat commented:

“Completing this milestone transaction marks a significant achievement for True Corporation, as the first telecom-tech company in Thailand to secure a sustainability-linked syndicated loan, as well as their inaugural venture into the Japanese yen financing market. We are deeply honoured by our client’s trust and confidence."

Linklaters is a leader in green, social and sustainability-linked lending and their market-leading banking lawyers regularly advise borrowers and lenders on all aspects of these transactions across the credit spectrum. With sophisticated understanding of the markets in which clients operate in, the firm has extensive experience advising on green and sustainable loan transactions and delivering innovative solutions on both regional and global scale.

Linklaters’ Singapore Banking Partner Dior Lin added:

“This landmark deal underscores Linklaters' capability in handling complex and innovative financing transactions and highlights our commitment to supporting clients in their sustainability and growth ambitions. We look forward to continuing our partnership with True Corporation and contributing to their future successes. "